09:32 AM EDT, 05/13/2024 (MT Newswires) -- (Updates with additional information)

Blackstone (BX) said Monday its private equity funds and vehicles have entered a definitive agreement with the management of Japanese pharmaceutical services company I'rom Group to take it private.

The asset management firm will offer to acquire I'rom shares at 2,800 yen ($17.96) per share -- about a 50% premium to the 1,873 yen per share closing price on Monday, Bloomberg reported, citing a company statement. The offer price values the company at approximately 35 billion yen ($218 million), based on its market capitalization, the report said.

Blackstone plans to make a tender offer around mid-June, subject to certain regulatory approvals, according to the company statement. After a successful tender offer and squeeze-out process, Blackstone will hold a 55% stake in I'rom, while I'rom founder and president Toyotaka Mori will retain a 45% ownership through his asset management company.

I'rom provides clinical trial management services to pharmaceutical, biotechnology, and medical institutions to ensure efficient and quick introduction of new technologies and medicines to the market, according to the company statement.

Price: 124.69, Change: +0.65, Percent Change: +0.52